Irish people look at the interest they’re being charged on their mortgages (2.8 per cent), and at interest rates in Germany (1.2 per cent), and at the lack of competition in Irish banking, and they not unreasonably conclude that the game is rigged.  After all, Ireland has just four banks now. That’s down from ten in 2001. And soon enough, when KBC leaves, it’ll be three. Surely lack of competition is to blame for high rates? However, a look under the hood at the Irish banks suggests another culprit. In an uncompetitive market, the incumbent companies get to charge more. They…

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